Artesian Resources (NASDAQ:ARTNA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday, March 15th. The firm presently has a $39.00 price target on the utilities provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 6.50% from the stock’s current price.
According to Zacks, “Artesian Resources Corporation operates as the parent holding company of Artesian Water Company, Inc a regulated public water utility. Artesian Water provides water utility service to customers with in its established service territory in portions of New Castle County, Delaware. “
Separately, BidaskClub lowered Artesian Resources from a “sell” rating to a “strong sell” rating in a report on Thursday, January 18th.
NASDAQ ARTNA traded down $0.13 on Thursday, hitting $36.62. 8,126 shares of the company were exchanged, compared to its average volume of 19,973. The company has a current ratio of 0.67, a quick ratio of 0.61 and a debt-to-equity ratio of 0.72. The company has a market cap of $337.71, a PE ratio of 15.92 and a beta of 0.10. Artesian Resources has a twelve month low of $32.00 and a twelve month high of $43.22.
In other news, Director Kenneth R. Biederman sold 6,750 shares of the company’s stock in a transaction that occurred on Monday, March 19th. The stock was sold at an average price of $36.78, for a total transaction of $248,265.00. Following the completion of the transaction, the director now directly owns 26,625 shares in the company, valued at $979,267.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 20.59% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Cornerstone Capital Management Holdings LLC. grew its position in Artesian Resources by 139.7% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 2,917 shares of the utilities provider’s stock valued at $109,000 after acquiring an additional 1,700 shares during the period. Trustcore Financial Services LLC bought a new stake in Artesian Resources in the fourth quarter valued at $143,000. MetLife Investment Advisors LLC bought a new stake in Artesian Resources in the fourth quarter valued at $145,000. OxFORD Asset Management LLP bought a new stake in Artesian Resources in the third quarter valued at $208,000. Finally, The Manufacturers Life Insurance Company grew its position in Artesian Resources by 3.3% in the second quarter. The Manufacturers Life Insurance Company now owns 7,415 shares of the utilities provider’s stock valued at $279,000 after acquiring an additional 235 shares during the period. Institutional investors and hedge funds own 38.83% of the company’s stock.
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Artesian Resources Company Profile
Artesian Resources Corporation, through its subsidiaries, provides water, wastewater, and other services on the Delmarva Peninsula. The company distributes and sells water to residential, commercial, industrial, governmental, municipal, and utility customers, as well as for public and private fire protection in the states of Delaware, Maryland, and Pennsylvania; and offers wastewater services to customers in Delaware.
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